Galeries Lafayette Closing 2 Stores

Galeries Lafayette (Paris) plans to close its store in the South of France and another near Paris, citing strong online competition and the weakening spending power of French consumers, reports Women’s Wear Daily.

The fate of the company’s Lille store is also in question. It has been unprofitable since it opened in 2007 and is slated to close unless the department store operator succeeds in renegotiating a more favorable lease.

The retailer also plans to cut costs at its headquarters.